Shopify Tumbles After Citron Calls the Company a ‘Get-Rich-Quick Scheme’
- Citron Research says Shopify marketing violates FTC rules
- Canadian tech darling is one of richest-valued software cos.
Why Citron's Andrew Left Is Shorting Shopify
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Shopify Inc. tumbled the most ever after Citron Research said it was shorting the stock and alleged that the Canadian e-commerce company’s rapid user growth was based off customers who would never become sustainable businesses.
In a tweet, video rebuke, and post on his website, Citron founder Andrew Left called Ottawa-based Shopify a “get-rich-quick” scheme and “dirtier” than Herbalife Ltd., which has been targeted by regulators for deceptive business practices.